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PBS
Jun 19, 2013 6:30pm PDT
>>> the incoming data supports the economy can sustain a reasonable cruising speed. we'll ease the speed to gradually to pace purchases, however any movement made by considering the brakes by raising short term rates are far in the future. >> the tail of the taper, the federal reserve chairman lays out a road map for scaling back on stimulus. bond yields jump and we'll see what it mens for your investments. >>> treating obesity, 1/3rd of american adults and 17% of children are considered to have a disease and could have implications for doctors, patients, insurers and health care. >>> congress questions the effectiveness of a safety mandate and skrud news the mandate. that and more tonight on nightly business report for wednesday, june 19th. >>> ben bernanke has spoken and now investors all around the world have a much better idea of when the federal reserve will start cutting back on the massive stimulus program. the fed chairman said that process could begin later this year and the bond purchases could end completely by the middle of 2014 but only if unemployment and housing cont
FOX News
Jun 20, 2013 1:00pm PDT
got him elected by pumping all the money into the economy, and being the only thing promoting economic growth because his fiscal policies he even admits fail. that's pretty bad. i was shocked at bernanke's statements yesterday. they were clear and concise and said in clear terms that we're going to end this, when we get any sort of indication it's probably going to be over. we may even end et al. together next year if the economy starts to improve. he knows the markets are so volatile, on tender hooks about ending quantitative easing, and you have to thicket was payback. >> neil: normally, they stay before you fire a person, make sure you have their security pass. and check they don't have weapons. but in this case, the powerful weapon. i'm not saying -- there could be the temptation to say i'm going do it sooner than the market thinks. >> i don't think what the president said was an accident. i don't think he says anything accidentally. and you can read a lot into that. and there has been a ton of chatter since that interview, talking about, wow, this is really the end for ben, and i
PBS
Jun 20, 2013 4:30pm PDT
? or is this a chance to take advantage of lower asset prices just as the economy shifts into a higher gear? >> one point we think a lot of investors are missing, though, is that the fiscal drag to the economic growth scenario for the u.s. next year becomes far more favorable. >> let's get prospective from phil orlando. phil, as always, good to see you. question number one, is this bull market interrupted or bull market fatally wounded. >> we're just interrupted, tyler. there is no question the sell off was a reaction but the market is missing it. the federal reserve in our view is going to be making a data dependent decision. for them to pull it that's been aggressive for a number of years, they have to believe the economy is ready to grow at 3% or better and they wouldn't pull the accommodation if they felt the economy was weak. so that's a positive, not a negative. >> basically, it seems to me, phil, that what chairman bernanke said yesterday is what he's been saying for months. he did put more sharp points on it but what occurs to me is that the sentiment in the market has changed.
CNBC
Jun 20, 2013 1:00pm EDT
if the economy is getting better. and he says, the economy is showing signs of getting better and we think by year end and into 2014, it's going to be better still. so we anticipate being able to take away some of the scaffolding around this building and let it see whether it can stand on its own two feet. why is that bad news? why are commodities, stocks and bonds selling off on what, really, you could interpret as good news? >> i think it really isn't bad news, and i do think that much of what chairman bernanke said yesterday was in line with market expectations, but it clearly wasn't in line with investor positioning. so people are selling because they had a different expectation of where the fed was going to be. we now have a situation where there is some concern coming out of the markets, are the feds going to move too soon? i think that's unlikely. inflation continues to fall, so we're in a disinflationary environment. i think the feds' investments on employment are probably accurate, so i think as we look at the second half of the year, positions are going to get squared in th
CNBC
Jun 20, 2013 4:00am EDT
economy continues to improve. his comments at the meeting shook the stock and bond market. it's greater optimism. the unemployment could drop to 6 point phone 5% in 2014. that's a year earlier than previously thought. they're still not concerned about inflation and think gdp might expand faster than 3% over the next two years. bernanke tried to draw a distinct line between tapering and the end of qe 2. >> the most important thing that i just want to convey again is that it's important not to say this date, that date, this time. it's important to understand our policies are economic dependent. >>> so coming from the fed. equities sold off in the united states. you can see here just about 35, 40 stocks on the dow jones 500. ftse up 1 2/3. the pmi number. basic resources are the biggest seller. that comes off with china, hsbc pmi down at a nine-month low. new orders down. we're getting more on that from munich. the market reaction, this means commodities are weaker as well to date. spot gold down 3% this week. a long way from that high in 2011. 1308. copper down 2%. as far as bond markets
FOX Business
Jun 20, 2013 3:00pm EDT
in the coming weeks. investors try to let gays cells of the economy, not just the u.s., but the global economy. a lot of news, and assault team coverage with nicole petallides. once again standing by the new york stock exchange. a big sell-off. phil flynn at the cme tracking down the commodities, especially metals. jo ling kent is here with a very troubling story about china that we are following, but first to you, nicole. your headline please. >> reporter: to the big deal here is watching the volatility. we had a lot of 200. swings in the last 21 days since ben bernanke and his testimony may 22nd. half of those, ten of the 21 actually had 200. swings. the volatility is here and today you are obviously seeing a bigger move unusual. 350 points to the downside. cheryl: and an unusual move. that is how you would characterize this. >> reporter: absolutely an unusual move. essene the volatility of 10200, but not 350. cheryl: you will get back to you in a moment. phil flynn at the cme. >> reporter: it is a metals meltdown. what temperature doubles milton mack probably when the fed sta
MSNBC
Jun 20, 2013 2:30am PDT
. economy. but that sent markets tumbling. cnbc's andrew ross sorkin, my friend. >> hey, my man. how are you? >> i'm doing well. >> great to see you. >> congratulations, by the way. i'm probably two or three weeks late here, but it's -- it's been probably more than that but marv tlous watch you every morning. >> i know you miss me. we need to know why the stock market tumbles so strongly when mr. bernanke says we might stop something in the future but nothing is happening right now. >> because we've indicated for the first real time that we are taking the drugs away from the patient. that's what's happened here. this is all about whether we can handle it. it's sort of -- it's kind of like antibiotics. you are supposed to take them to a certain point and then stop taking them before they finally kick in and start to work. it's hard to gauge when you are supposed to stop with the medicine. and that's really the question right now. the market clearly feels that the economy isn't out of the woods yet and the economy has been really quite dependent on the fed. we will see, but right now that'
PBS
Jun 20, 2013 3:00pm PDT
pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> suarez: the prospects for passage of immigration reform, by a big margin, appeared to brighten considerably today. supporters talked hopefully that they'd met demands for greatly expanded policing of the border with mexico. >> madame speaker, i rise to speak. >> suarez: two republicans went to the senate floor this afternoon to announce a potentially critical compromise on a key sticking point for many in the g.o.p. >> americans want immigration reform, of that there is no doubt. they want us to get it right and that means first and foremost securing the border. >> some people have described t
CNBC
Jun 20, 2013 7:00pm EDT
economy. commodity stocks, of course, they get hit when the dollar rises, 3%, 4% declines. they've been down 15% in the last six weeks here. let's move on here. there was no place to hide. it didn't matter. consumer staple stocks down 3%. utilities were down 3%. consumer discretionary defense care is not defensive. there wasn't any place to hide. i just want to note, larry, the s&p 500 down 5% from its historic high just about a month ago, but it's still up almost 12% on the year. bear that in mind, i want to know we're already getting deals cancelled and we had one secondary canceled tonight and brookfield renewable energy and they own wind mills and natural gas-fired power plants and they canceled late tonight due to what they call market conditions and the slide to the downside. larry, right now the futures are pretty much unchanged and we'll have it open tomorrow with a lot of trading and it will be the options exploration. after that, a lot of people here are hoping for a relatively smooth day, but nobody knows for sure. back to you. >> robert, we'll talk about the fed and interest
CNBC
Jun 20, 2013 6:00am EDT
later this year. if they remain broadly aligned with our current expectations for the economy, we will continue to reduce the pace of purchases in measured steps through the first half of next year ending purchases around mid year. >> the bonds finished in the red as the blue chip index showed its seventh straight move. all the main s&p sectors closed lowers. the worst performers were defensive sectors. telecons. this is what people had been warning us, look out for those stocks that act more like bonds. that's exactly what happened yesterday. the yield on the ten year treasury, it hit a 15-month high if you take a look at that. 2.426%. this is a concerning move. this morning the dow futures are indicated down triple digits once again. this is on top of a 200 point plus drop yesterday. it doesn't look like there's going to be a quick bounce back, at least not this morning. >> we have a number of newsmakers to help us make our way through all of this, get through these questions raised by the fed bank. including alfred broaddus and former minneapolis fed. we have john stumpf. cisco is g
FOX Business
Jun 20, 2013 1:00pm EDT
buying opportunity, in my opinion. the difference this time around, the economy is better, housing is better, the labor market is better. this time around, i think it is a little different, a little bit better fundamental backdrop. tracy: let's talk about how we can position our bonds for it. >> it is hard to know exactly where this will settle out. the move of two to 40 has been pretty dramatic. we may have already covered a lot of the ground we will cover. on the equity side, i think you have to be overweighted in the u.s. still. i like the domestics of the goals. we are the only major market in the world that is growing and i think stocks here are still reasonably priced. tracy: i know you also like tech. >> the problem with tech is you have to be a little discriminating because as a factor, it derives more of its product overseas than ever. the tech sector, in my view, again, is pretty reasonably valued. tracy: we have to talk about commodities. gold is down. event gold typically down this time of year? >> i would not be getting into gold. i think gold is being washed out as a res
CNBC
Jun 20, 2013 3:00pm EDT
for every? what the game-changer? the economy getting better? >> think investors don't believe what bernanke is telling us. that the economy is stronger. and that it is a lack of confidence in the economy's ability a to stand on its two feet without all of this liquidity. >> and do you think this is old-fashioned profit taking? we've had good gains for 2013. we've had good gains for last four years. is it time to take something off the table for that reason. >> think i so. and a couple dayes with twloost days of run up with the announcement yesterday was short-covering. so i think you have people on the shore wagon as well. i think it is a combination of profits and the move down today. >> have you a triple witch tomorrow right? expiration coming tomorrow. how does that impact things? >> i think that exaggerates the moods. usually you see a lot of activity and volume and movement. and what we have seen the last few days is a heavy down days. i think the on coming combination exaggerate the move and puts pressure in that direction of the movement in this case down and exaggerate this
CNBC
Jun 20, 2013 5:00pm EDT
event where the economy improves. so we were buying stock today that if the economy improves that's where i want to be like a macy's. with the volatility index spike is as high and hard as it did i sold some of our mdny puts. >> you're telling me you believe ben bernanke forecasting of the improving economy when you look at the world over -- >> if it doesn't improve he's not going to taper. >> then you'll still have qe. isn't that the condition under which stocks rose? >> yes but it seems to me that growth is decelerating significantly and i don't know how the fed can stand here and say that things are going to look better in the second half. >> i'm saying if they don't they're not going to taper. so i think that this reaction is not surprising that there was a very significant reaction. but i think it's a little bit overdone. >> guy? >> hi there. technical damage in the market is there. karen mentioned may 2 for different reasons on may 22 we saw an outside day in the s&p. we've discussed it at length since. the low today was 1608. remember that number. earlier this week we made a
FOX Business
Jun 20, 2013 12:00am EDT
. >>> what has really changed. for the fifth time ben bernanke says though the economy sim proving they're stickg with the 85 billion a month bond buying program for now. but in sorting through his intentionally confusing remarks the market got worried the punchbowl would go away and all we would be left with is a hangover. bond sold off too. there are winners and losers. we'll tell you where youit in. joining me now harvard economics professor, jeff marron. thks for coming on the show. >> nice to be here. melissa: first and foremost, i watched the whole entire thing and the press conference afterwards. my goodness, it w long and boring but the markets gyrated up and down and they got something out of it. what did you make of the whole exchange? what was your take away? >> my overall take is that the fed is saying that they see the economy gradually improving and the market data and market forecasts and all th are saying the same thing. so th means it is getting harder and harder for the markets to convince themselves that these low rates are going to last forever and everybody's o
CBS
Jun 19, 2013 5:30pm PDT
economy. the federal reserve raises its predictions for growth and jobs. anthony mason on the new outlook. the director of the f.b.i. surprised many today with a frank answer to this question: >> does the f.b.i. use drones for surveillance on u.s. soil? >> pelley: bob orr on the f.b.i.'s program. this is supposed to be the answer to america's biggest nuclear contamination problem, but it's billions over budget. carter evans investigates. and ken moreis' great-great- great grandfather is a giant of american history. jim axelrod on how a powerful legacy changed one man's man'sn. mission. >> frederic douglas said it's easier to build strong children than repair broken men. captioning sponsored by cbs >> pelley: good evening. it doesn't happen very often but it happened today-- the stock market plunged in reaction to good news. the news from the head of the federal reserve was that the economy is doing better. here's the part wall street did not like. ben bernanke said the economy is doing well enough that the fed is likely to ease back on one of its stimulus programs, a bond buying p
CNBC
Jun 20, 2013 4:00pm EDT
and i don't think to the economy is quite making it out what the fed is meant to be. i think we will see a bounce back here. >> would you say you want to buy here or wait and see if things settle out in more after wash-out? >> i would start to get money involved here. even during the run-up waiting for an opportunity to get into the market. here is an opportunity. you don't have to put everything in but it is time to move some money back into the market, cheaper valuations here. >> michael pento, how do you see it? >> first of all, mr. bernanke is a very confused man. he launched qe4 in january. january of this year. not only six months later, not even six months later, he lowers his growth forecast, takes down dramatically, his inflation outlook, and then for the first time ever, outlines a time line where he's going to get out of his quantitative easing strategy. so he surprised a lot of people on wall street and i got news for mr. bernanke. he does not control long-term interest rates and he has this economy 100% addicted to his credit creation and the acid bubbles he recreated. i
PBS
Jun 19, 2013 5:00pm PDT
in the economy so they're planning some changes for themselves. ai uchida joins us from the business desk. what do they see? >> they've seen the housing market improve, consumer confidence, household spending. in fact when the chairman of the u.s. federal reserve looks to the future, ben bernanke likes what he sees ahead for the economy. the central bank has pumped billions into financial markets over the last several years, but bernanke says later this year the fed could begin slowing the pace of stimulus. federal reserve policymakers released a statement after meeting for two days. they decided to continue buying government bonds at the current rate of $85 per month. but bernanke says they could change their tactics as the labor market changes. >> and if the subsequent data remain broadly aligned with our current expectations for the economy, we would continue to reduce the pace of purchases in measured steps through the first half of next year ending purchases around midyear. >> bernanke said the jobless rate should be down to around 7% from the current 7.6% by the time bond purch
CNBC
Jun 20, 2013 9:00am EDT
won't come down. and now the u.s. economy has to take into account that and the move of rates and the 1.5% move in rates is a hard pill to follow. >> and scott n the last three or maybe four, the feds have come in, and they have said, i am short the 10-year and take a boatload and every year they are wrong, and perhaps now, but to this point, we are waiting for an appreciable move in rates for year and years and the fact that the economy may not stand on its own legs is curious to me. i am curious what you are hearing out there, as well, scott, in terms of the pain people are taking on the fixed income side, and those who are not short credit and obviously watching the equities sell off. >> the market, whether it is treasuries or equities, the market was probably hoping and probably against the better judgment probably that bernanke yesterday was going to sort of walk it back, and walk back the notion that they were going to mention taper org that -- tapering or going to do it any time soon and we know that the people you are talking about who have been in bonds and stocks and talking
FOX Business
Jun 20, 2013 11:00am EDT
this year, as long as the economy keeps growing and unemployment falls. in a note to clients, renaissance marker research said we suspect the markets are significantly overreact into the process of tapering. rbc capital markets said one of the big surprises in bernanke's press conference was that the chairman did not attempt to walk back the recent rise in interest rates. bernanke said yesterday that tapering really was not that bad. kind of like taking your foot off the gas pedal in the car and hitting a nice cruising speed, not hitting the brakes. >> what he is doing is a lot like monetary drunk driving. >> we will get more clarity at the end of july. connell: thank you much. brian jacobson for us next. it is always good to have brian's point of view. to what level is your anxiety level at this stage? >> my anxiety level is very low. i understand that they have a centrally planned economy. they can marshal resources to prop up their banks if necessary. i am not concerned about the federal reserve cutting back on their asset repurchases. their forecasts are very optimistic.
CNBC
Jun 19, 2013 11:00pm EDT
words about how the economy is still a bit dicey and jobs aren't being created fast enough. now they're thinking he just wants to put everybody to work, he's not worried about the bonds. bondholders are saying to heck with this, you're not going to protect us, economy is way too strong for bernanke to keep buying bonds, he can't keep rates down, he shouldn't even try. the owners of bonds aren't as worried about the ongoing drag of the federal government that bernanke's fretting about and talked about today. they aren't worried about higher taxes, sequester spending cuts or any lack of any serious attempt by elected officials to get hiring going. they are selling their bonds right now before things get so much better that those bonds will be worth even less! to understand how bonds work i've got to do something different because i know a lot of people can't tell the difference between a stock and a bond. so i'm going to -- i'm going to do a little fictional analysis here. imagine that the united states is a publicly traded company. and it's got this really counterintuitive stock that goe
CNN
Jun 20, 2013 1:00pm PDT
into the economy, sometime in the near future. he hasn't even announced it yet. i want to get to felicia taylor at the new york stock exchange. explain what happened there to trigger the second day of selloffs. >> the debate has begun as to when that tapering, that slight pullback, and i do mean slight. he's not taking all of the stimulus out of the market at once. traders discussing whether or not it's going to happen in the next month or possibly 2014, what that does to the market. we were down about 380 points before the closing bell. so we have come back a little bit and that is a good sign. but some traders say these kind of selloffs could continue because the debate is going to continue. but what we've really got to focus on is the economy. are we seeing enough positive signs in the economy? so far it's a very mixed picture for the federal reserve to feel confident enough to begin that slow tapering down. the answer is not really. they need at least three monies of positive economic news for him to begin that stimulus pullback. jake? >> thank you so much. so what do the mar
CSPAN
Jun 20, 2013 6:00am EDT
? economies to scale, we know the. the more you produce is something, we've got to do this. that's going to be ultimate, one of the money decisions we have to make. one, do we need this plane? i think we do. secondly, can we afford this plane? and how do we afford it? do want to talk about that a minute? >> thank you, senator. i agree we need the airplane. can we afford the airplane is the question, not just the committee but us as well. >> american people. can we afford not to do it? >> i don't think so because there is no other option right now. and what we are asked to do is pretty well defined by our national guidance and by our defense strategic guidance. and based on that requirement that's handed to our services in the air domain, this airplane is something that we need to me commission we've been assigned. if the mission changed dramatically, if there was no intent to be worried about threats from other technology that develops in the future, if there is not a requirement, if the united states to build objectives national interest against those threats, we would need the airplane
FOX Business
Jun 20, 2013 4:00pm EDT
financial stocks particularly those exposed to the domestic economy. david: okay. >> the u.s. is well-capitalized -- david: i have to put you on pause there when you're on financials. we'll take issue with you. we have earnings coming in from oracle. jo ling kent what do the numbers look like? >> dave, we have an 87 cents per share eps which is exactly as expected. $10.95 billion which is a miss on revenue. breaking down numbers a little bit, we see a quarterly revenue of $849 million. what is interesting, new software license revenues were up 1.4% to 4 billion. they were expecting to see this go from, between 1 and 11% that is certainly on the low end. that is a very important area for oracle to grow especially if other companies get into this market. david: i want to go back to todd. we have a lot of news to cover i don't want to focus on any one stock but does this tell you anything about oracle? >> this is common throughout the entire earnings season. miss on the top line. that is the whole story. oracle looks pretty good chartwise. with the current market conditions it will proba
CSPAN
Jun 20, 2013 1:00am EDT
, members of congress. the immigration debate in congress and the economy. jammer -- tim murphy talking about how obamacare is behind schedule. >> in a lot of ways, this is a challenge. we have a liberal democratic presidents who is not only been elected but reelected. yes projects i think are very wrongheaded. time.a challenging it is also an exciting time. trying to modernize conservatism to bring it in- line with the challenges that the country faces now. we want to help conservatives in the country think about how to confront the challenges of the 21st century. neither side is doing a good job of that. there's a lot of thinking about what the 21st century requires, in terms of change, to get back to economic growth and prosperity. to get back to a cultural revival that we need. is challenging challenging and exciting. >> more with national affairs editor on sunday. [captioning performed bynational captioning institute][captions copyright nationalcable satellite corp. 2013]>> at his poorly briefing, ben bernanke said that the fed might ease up on its federal stimulus plan this year.
FOX Business
Jun 20, 2013 7:00pm EDT
anticipate in the way of strength six months out. >> i think the market raises strong free economy. hastens the day that the fed starts tightening. add to that bernanke's laying down of punitive timetables which he said umpteen times is tentative. may not to a defense and the economy. the market does not want to hear any of that. if he says that the assumption is, oh, he will stop doing it tuesday are something like that, which is that going to. lou: he made big references to inflation. he made references to unemployment or at least the six and half percent level as part of construction for his decision . is a little surprising to me. and it suggested that he does want to accelerate things year. are there signs that this quantitative easing combined purchasing program, this is having a negative, a deleterious effect on the fed's goals? >> i do not believe so. it is not -- it is not the sort of thing you would think would drive down inflation. inflation has fallen well below the fed's goal, but -- but the people who are worried about qe are worried about the other direction, inflati
CNBC
Jun 20, 2013 2:00pm EDT
fed says the economy is getting good enough that we can take it off of life support. and that's basically what qe was, was life support system for the economy. they say it's no longer needed, we're going to get it off. >> i spoke to you just back on april 9, sir, and you said you would not be surprised if we saw 18,000 for the dow. are you categorical saying no longer 18,000, going with 16 or 17? >> 18,000 was for the end of 2014, i believe. so i think, you know, when i'm saying 16 or 17,000 -- listen, we could get to 18. obviously, there is going to be a range, but my basic prediction was 16 or 17,000. in january of 2012, i said we're going over 15 and 16 or 17 was my target. i still think we're going to get there. >> buy, sell or hold? >> mandy, i would take a different position. i think in the short term, there is more correction ahead. this is a market which has been stimulated by the fed, by liquidity. it is not backed by fundamentals, it is backed by stable, sound, economic growth nor by corporate earnings, both of which are pointing downward. and now that the fed has indi
CNBC
Jun 20, 2013 12:00pm EDT
do to the one area of the economy that's buzzing? we'll ask the definitive voice on that suggest, ivy zelman, in a halftime exclusive. >>> mining for answers. what does china's manufacturing meltdown mean for stocks? a trader debate is ahead. >>> stocks falling hard and continuing that steep slide "today." the worst two-day drop for the dow this year. did ben bernanke kill the rally or is this the buying opportunity a lot of people have been waiting for? we're trading the fed fallout, what it all means to your money with joe terranova, josh brown, simon baker, and stephanie link. josh brown, answer that question. >> no, the rally has been killed. we haven't yet closed at a 5% connection yet but it looks like we're getting very close. what i would tell you is we've been beneath the 20-day moving average for almost a month now. so i think that rally that started from november has ended and now the only question is whether or not we're in a down trend or we're biding time until another leg up. i would tell you this is a massive carry trade unwinding. i would 234not want to be the ft
MSNBC
Jun 20, 2013 12:00pm PDT
economic facts change. the economy's getting better, employment is going up, they'll revise their numbers accordingly. that's fair. the only thing i want to say is of course predictions become correct. we have to agree on who's in charge of predicting before we make a decision. >> of course, predictions are not always right, but the key fact of the cbo report is that it scored this immigration bill extraordinarily high and it will be extremely helpful to the american economy. >> right. >> this will be valuable for all of us. so do you think that this cbo report will change or help the impact -- will change the immigration debate or will people who are against it still say, well, i don't believe it. i don't care about what that says? >> well, i think it does change things for the better if you're in favor of immigration reform, which i am. we proponents of immigration reform are always sort of saying in a generic way, this is good for the economy. you bring in talented people. you bring in ambitious people, people who want to work, stay here, buy a house, buy a car. that's good for
SFGTV2
Jun 20, 2013 3:00pm PDT
me is education, economic and work force of the element, stimulating the local economy. we have the third street merchant corridor and an opportunity to revitalize what i consider to be the main artery of the bayview district, of the southeast quarter. third street is a pretty long streak. from at&t park, it goes all the way to candlestick park. there is a lot of opportunity. don't squander that. we wanted to be a healthy mix that reflects the cultural history of the southeast part of the city. >> what are your thoughts on how the city can deal with the budget issue? >> we are in a very difficult time financially as a country, as a state, as a county. we have a multimillion-dollar deficit. what i see is we have competing priorities. >> ok. >> there's a whole host of non- profit and service organizations that provide a service and a social safety net for people. if people are not able -- they're not making money to get on calworks, or they get on aid, we cut that aid, that has an adverse affect on a population that needs it. i would like to see the city continued to move in a directi
LINKTV
Jun 20, 2013 2:00pm PDT
mainly shiite area. alms have been going off every day ahead of the elections. while the economy and iraq's kurdish north is booming, there is still no reliable power supply in baghdad. tangled cables apply electricity. he sewage system is ruined and streets and houses are in dire need of repair. that would mean work if it were for the -- if there went out for the constant violence. >> every time a device explodes, it takes work away from us for a week or two. no one comes to buy supplies. i have a family to feed. lex in the first round of provincial elections, the alliance prevailed, but it garnered fewer votes than the previous poll. there was voting in sunni regions that do discriminate against by the government, but many say it's not even about the sectarian conflict. it's just feuding politicians. >> i hope the elections bring change. there are no jobs. there's no electricity. i hope it gets better. >> at iraqi society is hobbled. although the people of iraq were able to cast ballots on thursday, they are not optimistic. >> markets have plunged after the u.s. federal reserve cha
CNN
Jun 20, 2013 2:00pm PDT
economy along and that has sent the markets in a tail spin. he used the word "taper", he's going to taper the program. what does that mean? well, imagine the economy to be like a kid trying to ride a bicycle after a spill, trying to get back on balance. the fed has been helping out to steady and push him along with about $85 billion a month in stimulus. ben bernanke has been looking at numbers saying housing is up almost 7% in may, unemployment 7.6%, not getting better but not getting worse, gdp, 2.6%, all of that he's saying is that all of this that is good enough that the government can start backing off and let the economy stand on its own a little more. i'll be there. if it gets in trouble, i'll step in and save it, it will be okay, there is what we should do. so why are the markets so troubled? partially because they're looking at the same numbers and they are not as confident. their sense is that if you step away from this economy right now and try to let it ride on its own, in fact you could have a lot of wobbles here in employment, and in housing and in a lot of things that
KICU
Jun 20, 2013 4:00am PDT
. in today's cover story....how the fed decision will effect the economy short and long term. plus.... why one analyst says its a buyers market for muncipal bonds. and....bill buster.... why you may be wasting hundreds of dollars on your cell phone bills. first business starts now! you're watching first business: financial news, analysis, and today's investment ideas good morning!it's thursday, june 20th. im angela miles. in today's first look: the market's taper caper. stocks fell dramatically yesterday on word from the chairman -- the federal reserve may taper its bond buying program by the end of the year. the dow fell more than 200 points, the nasdaq deopped 39 and the s&p 23... as traders yanked money out of the stock market. gold and oil also sold off. in irs updates, fbi agentsare said to be to working on a criminal probe into scrutiny of conservative groups. while an irs employee contends the targeting did not originate from the white house. and dunkin' donuts reportedly goes gluten free with some its doughnuts and muffins.dunkin makes the move ahead of rivals mcdonald's an
ABC
Jun 20, 2013 12:35am PDT
kate and william's royal baby may mean of a big boost for the economy. that is tonight. >>> from washington, this is "nightline," with terry moran. >>> good evening everyone, the day the soprano's pilot first aired, the day james gandolfini became a household name. well, today is the day we lost that vanguard forever. >> reporter: sometimes an actor finds a role that just connects. the role of a lifetime. james gandolfini, who died suddenly today at 51 was tony soprano. for 86 episodes over six seasons on hbo, gandolfini seared america's eyeballs with the portrayal of the man capable of staggering violence. with news of an apparent heart attack while he was in italy, the world has lost not only a very talented actor but also a cultural icon. but success was a long time coming for gandolfini. >> i had such anger, when you're young, a lot of people have anger, you're pissed, you're not sure why. that is probably why you are all sitting here. you want to express something, you don't know what it is. >> reporter: gandolfini began his career playing cold-hearted mob enforcers, in such
CSPAN
Jun 20, 2013 12:00pm EDT
america. they didn't weaken our economy. they helped build this country, helped build this economy as all of our ancestors did, and that's true of immigrants who want to come here and work and we ought to have a legal avenue that allows these people who want to build a better life for themselves and in the process build a better america, we ought to allow that to happen. this bill in my view doesn't go nearly far enough in accommodating the legal immigration that we could and should have in this country especially with respect to low-skilled workers. i'll be the first to say the bill makes a lot of progress for high-skilled workers, two big areas, the h-1b visas, the cap that has been too low for too long is significantly raised and although we've created hoops people have to go through that are probably unnecessary, it is progress that we have a much higher cap. there's also a new opportunity for graduate students in the stem fields to get green cards in time and that is very, very constructive. these people come here with a great deal of human capital, intellectual capital, they're
KCSMMHZ
Jun 20, 2013 2:30pm PDT
elections. while the economy and iraq's kurdish north is booming, there is still no reliable power supply in baghdad. tangled cables apply electricity. he sewage system is ruined and streets and houses are in dire need of repair. that would mean work if it were for the -- if there went out for the constant violence. >> every time a device explodes, it takes work away from us for a week or two. no one comes to buy supplies. i have a family to feed. lex in the first round of provincial elections, the alliance prevailed, but it garnered fewer votes than the previous poll. there was voting in sunni regions that do discriminate against by the government, but many say it's not even about the sectarian conflict. it's just feuding politicians. >> i hope the elections bring change. there are no jobs. there's no electricity. i hope it gets better. >> at iraqi society is hobbled. although the people of iraq were able to cast ballots on thursday, they are not optimistic. >> markets have plunged after the u.s. federal reserve chairman said the central bank could and bond purchases next year if the econom
FOX Business
Jun 20, 2013 9:20am EDT
and home buyers are taking a hit and so is president obama. who or what will get this stalled economy going if ben quits printing? it is a big day and we've got a big show for you. dr. ben carson is here, and angie is here from angie's list and a libertarian shootout, stossel versus the judge and "varney & company" is about to begin. having triplets. [ babies crying ] surise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission [ coyote howls ] how about no more surprises? now you can get all the online trading tools you need thout any surprise fees. ♪ it's not rocket science. it's just common sense. from td ameritrade. >> all right. everybody, we are going to start with the action swirling around your money. it is not good. when ben said he may print less this year and nothing by next year, the reaction was negative and again this morning. solid interest rates going straight up. 10-year treasury yield up 1/4 point overnight and you rarely see that. and gold a huge hit. down $80 as we speak. look where the dow jones ind
CNBC
Jun 20, 2013 6:00pm EDT
, when the economy is going south, they cut back. they don't buy, they let it lay follow. that's because they can't prove. no one can prove, listen, i get this new computer in it will make us more money. it's too ethereal. you can bring more revenue dollars down to the bottom line when you cut back on spending. you got to compete with the other guys, all of a sudden you need more hoard ware, you need more software. you got to expand t. earnings go higher. that's why so many of the other drive and semi conductors were at their 52-week highs today. it would help if business around the world would get better, too. can come in time. if you stay tuned, i will tell you which of the texts work soon. finally, there's the industrials. it is true many of these companies have done quite well. they haven't done well the way we want them to. they have cloen grown sales, they have fired, cut back, laid off to the bone. so whatever dollars have brought in flow to the bottom line, even if the dollars aren't rising very much. i told you we like the stocks. we had many ceos on the show. you know who i'm t
CSPAN
Jun 20, 2013 1:00pm EDT
original small business. small businesses are the backbone of our economy and the engines of job creation. and over half of americans own or are employed by a small business. mr. speaker, there are 30 million small businesses in the united states, and they create seven out of 10 new american jobs each and every year. small businesses are the key to economic prosperity. the government does not create jobs. american small businesses create jobs. the government and its lawmakers should do everything in their power to cultivate an ideal environment for small businesses to grow and prosper by removing roadblocks to growth and building economic certainty. we need to keep the focus on the american worker and on small businesses. we need to remember that every week is small business week. i yield back. the speaker pro tempore: the entleman's time has expired. further requests for one minute? for what reason does the gentleman from texas rise? >> i ask unanimous consent to address the house for one minute. the speaker pro tempore: the gentleman is recognized for one inute. >> thank you, m
MSNBC
Jun 20, 2013 10:00am PDT
period of time and bernanke put something of a timetable on it, saying if the forecast for the economy goes as planned, we'll start reducing the amount of -- combination for the economy by the end of this year and we'll end it next year. he tried to go to great, great lengths to say, you know what, that doesn't mean we're tightening on the economy, just we're not stimulating the economy as much as we do before. >> we've seen the market drop even lower today. there is some thought that that might actually have to do with what's happening in china as well. can you talk a little bit about that? >> i think that's a piece of it. we got negative data out of china that was a bit of a surprise. there's concern about the chinese central bank there, the people's bank of china clamping down on bank lending there so maybe you'd have what you call a hard landing where things would stop a little more abruptly than had been anticipated. the data out of the u.s. was a mix. we're kind of feeling our way along here. i think the real concern for the markets right now is does the fed make a mistake here?
PBS
Jun 19, 2013 6:00pm PDT
. >> sreenivasan: the federal reserve painted a brighter picture of the economy today. the central bank estimated unemployment will fall a little faster than expected this year and next. chairman ben bernanke said that means the fed may start scaling back its stimulus efforts later this year. he promised it will come in measured steps, to reassure investors. >> we are in a more complex type of situation, but we are determined to be as clear as we can, and we hope that you are and your listeners and the markets will all be able to follow what we're saying. >> sreenivasan: bernanke's words did little to reassure wall street today. stocks fell sharply on fears that if the fed curtails its bond-buying program, interest rates will rise and growth will slow. the dow jones industrial average lost 206 points to close at 15,112. the nasdaq fell nearly 39 points to close at 3,443. the internal revenue service is taking new fire-- this time over plans to pay bonuses to employees. republican senator chuck grassley of iowa said it comes to $70 million, despite a white house directive to cancel such payments d
CSPAN
Jun 20, 2013 7:00am EDT
appeared we've got to get the economy jumpstarted and back on track in a manner that is sustainable for the programs that we all care about. one of of the ways to clearly do that at the -- at the cbo has indicated, and this is a nonpartisan operation, is to pass copperheads if immigration reform that provides an additional piece of evidence as to why this is so significant for us to get done and to get done sooner rather than later. ,ost: congressman jeffreys what is another issue, before we go to calls, that you focus on or that you think the congress should be addressing? i think we have to do with the gun violence problem we have in america. it is, katie, i understand that, but certainly as americans focus on the problem, and the aftermath of the tragedy in newtown, connecticut, the issue that we confront in the district, i represent a very urban district that has several neighborhoods in east new york,: the island, brownsville, that in the last several decades have gunrienced issues in violence. almostevery reagan, -- every weekend, there is an issue that has resulted from an il
KRON
Jun 20, 2013 6:00am PDT
630. >> a new cnn national poll shows and nearly two-thirds of americans operate the current economy as the poll also indicates a positive trend. the number of those who break the economy is good has grown steadily since the end of last year of nearly 10% from last december. overall, optimism that the economy will improve is split almost down the middle. 50 percent predict that they wthey will be better off a year from now, 49 percent say that things will get worse. >> if you are thinking about starting a business, california just might be the state for you. according to the kaufman index of entrepreneur or activity a list of 10 states saw more startup activity that anywhere else nationwide. here is a look at the top five. montana, a vermont, new mexico, alaska, and mississippi. coming in at no. 6 is california. in 2012 the state had a start rate of 410 per 100,000 adults. the kauffman index access that california as a major advantages including a strong talent base, an established network of venture capital, a big consumer market, and top- ♪ [ male announcer ] wouldn't it be great
KICU
Jun 19, 2013 7:00pm PDT
-day policy meeting with the meds say it would make $85 billion in bond purchase. >> the u.s. economy begins to heal. >> the economy is able to sustain a reasonable cruising speed. >> we will ease the pressure on the accelerator. >> the bond porches punchesth stoprchases by 2015. >> the feds will pull back its stimulus program, and leading investors to sell. >>> hundreds of electric cars were recalled, model s sedans manufactured between may 10th and june 8th this year. >> a bracket on a seat was not installed correctly. >> tes la will pick up the cars and provide a rental if necessary. >> in eight minutes, two bay area structures that did not score well. >>> new developments in the case of a man and woman accused of running a brothel. >> one suspect went before the judge today. authorities are still looking for the man's wife. >> accused of forcing women to work as prostitutes. >> some of his friends and relatives came to the hearing, but didn't want to talk. >> in court, a judge ordered lu not to leave california if he posts his $200,000 bond, which prosecutor ones tell me seems lik
CBS
Jun 20, 2013 4:00am PDT
updated the outlook for the economy and bernanke said that's why the fed will most likely slow down its stimulus program. >> the committee currently anticipates it would be appropriate to moderate the monthly purchases later this year and if the subsequent data remain broadly aligned with current expectations for the economy, we would continue to dries the pace of purchases in measured steps through the first half of next year, ending purchases around mid-year. >> bernanke also expects the unemployment rate to fall to 6.8% by the end of 2014. on wall street bernanke's words spooked investors. the dow dropped 206 points and the nasdaq fell 31 points. >>> tokyo's nikkei dropped nearly 2%. hong kong's hang seng lost nearly 3%. >>> well, the irs is caught in another controversy. the agency says it's has to pay $70 million in union bonuses. some republicans want the irs to follow a white house directive and cancel them. in april the obama administration ordered all agencies to stop handing out bonuses bought of automatic spending cuts. >> and one of tv's most popular pitch men has been fired
KCSMMHZ
Jun 20, 2013 6:00am PDT
the american economy, and this prompted investors to buy the dollar. the u.s. currency is stronger against major currencies. dollar/yen right now at 97.94-98. euro/dollar right now is at 1.3207-3208. let's turn our attention to the stock market. now the possibility of the fed tapering its stimulus program caused global investors to be more risk averse. major european markets taking a london's ftse down by 2.3%. frankfurt down by 2.3% and cac403.3%. market players are also cautious as they received a mixed bag of economic data. the latest business activity report for the eurozone shows a contraction, but it's also the smallest downturn since march 2012. meanwhile, germany's producer price index fell more in may than in april. investors sold shares after receiving economic data showing the largest contraction in china's manufacturing activity in nine months. hong kong is one of the biggest losers. hang sang dropped 2.88%. japan were capped. the nikkei average wu down by 1.74%. on the decline in the asian markets, an expert in singapore says market players have become worried about le
PBS
Jun 20, 2013 4:00pm PDT
district, the poor sink -- pulsing heart of singapore's economy, but today, you see the building stranded and smoke. there is a dry, accurate taste in the air. you can feel it in the back of your throat. -- there's a dry, accurate -- there's a dry, acrid taste in the air. his is where the fumes are coming from. hotspots on the indonesian island of sumatra where farmers use/and burn techniques to clear the land -- use slash and burn techniques to clear the land. >> ideally, we would like the fires to be put out. if any of these fires were illegally started, then whoever is responsible for them to be brought to justice. for the long term, what we need to do is cooperate with the indonesians as we have been to work on developing sustainable agricultural practices. >> the cost of the smog is yet to be counted, but it could be in the billions. had economichaze costs estimated at more than $9 billion and reportedly made 20 million people ill across the region. looks ugly there in singapore. you are watching "bbc world news america." still to come -- what do this british chancellor and
LINKTV
Jun 19, 2013 7:00pm PDT
largest economies in the world is the free trade agreement. i am very glad we started to talk about this. i want to say for the german side that we are committed to it. both economies will benefit from it and it would also add nursemaid to the global world -- nourishment to the global world. >> obama made his speech in front of us liked crowd of vips and students. he remains better liked than many foreign leaders. or than 80% of germans say they approve of his policies. >> a former university professor from the u.s. has been arrested days after making the fbi's 10 most wanted list. childfacing charges of exploitation and traveling to the philippines to have underage sex. the 64-year-old was arrested on the caribbean coast. fashion designers dolce and gabbana have been found guilty of tax evasion in italy. a court gave the two men and a suspended jail sentence and a fine for hundreds of millions of dollars -- for hiding hundreds of millions of dollars from tax authorities. italy, tax evasion never goes out of fashion, but as dolce and gabbana have found out, undeclared income comes w
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